Mar 6 Brexit's finance exits

More than a score of leading of financial institutions chose to move operations to Luxembourg last year due to Brexit. The Luxembourg For Finance agency cited banks such as Citibank and JP Morgan, more than 12 asset managers firms, among them Blackstone and Carlyle, along with a batch of insurers including AIG, FM Global and Hiscox.

“Following the United Kingdom’s decision to leave the European Union, last year alone over twenty top-ranked international institutions chose Luxembourg to set up all or part of their activities,” the financial body says.

Luxembourg for Finance adds that it is expecting further announcements over the coming months as the Brexit wrangling continues, including across in the insurance, fund management, banking and fintech sectors.